Yes, our world sure has become more digital.
We do everything online these days. We work online, play online, watch online, talk online, exercise online and learn online more than ever before.
Is that trend is going to stop?
Hardly, as the NFT genie’s out of the bottle.
With advancements in 5G, virtual reality and blockchain, the trend to digitization will only intensify as we all spend more and more time online.
In the next generation of the internet, everything that can be digitized will be digitized. And in a world where everything is digitized, we’ll need a way to track ownership of digital assets.
And that’s where the genie NFTs come in.
These non-fungible tokens are a certificate of ownership registered on the blockchain for everyone to see.
Just as a deed proves you own a house, NFTs work as deeds for digital assets, any digital assets, including even music and concerts.
Any digital asset can be packaged as an NFT, and not just digital arts and collectibles.
So, if you thought NFT’s were just a format for compressing image files called JPEGS, you’d better change the picture in your mind as digital arts and collectibles are just the first application of NFTs.
In the next generation of the internet, musicians will be able to sell limited-edition albums through NFTs. And because you can wrap NFTs into smart contracts, they could get paid royalty automatically anytime someone buys their album.
They can also package that with things like concert tickets or special access to NFT holders-only.
It’s already happening with artists like Linkin Park, Madonna and Metallica and The Weeknd all getting involved in NFTs.
You can invest in these NFT projects directly from your computer and coming up fast on another far turn is the video game space, an industry even bigger than movies and music industries.
NFTs make it possible for gamers to own digital assets in the game. The characters and items themselves are NFTs that can be bought, sold and traded. So gamers are earning and trading these NFTs in the game and making real money.
It’s a brand-new business model called “play to earn.” And it will change the entire industry.
In the new internet, most games will have this “play to earn” feature. And the nice thing about this trend is that you don’t have to play video games to profit.
So, the winner is . . .
A racing enthusiast and inveterate blogger, Tom Madden is an author of countless published articles and five books, including his latest, WORDSHINE MAN, available April on Amazon. He is the founder and CEO of TransMedia Group, an award-winning public relations firm serving clients worldwide since 1981 and has conducted remarkably successful media campaigns and crisis management for America’s largest companies and organizations.